I just listed a new short sale with a 1st serviced by GMAC. My homeowner got a letter from the servicer suggesting that the homeowner try to sell the home and that they log on to Equator.com to find a local agent in their area. There is a package list for both scenarios
1) without an offer
- Listing agreement
- 2nd lienholder info/balance
-LOA
-Hardship letter
-Financial Analysis form
2) with an offer
-Listing agreement
- 2nd lienholder info/balance
- Purchase contract
- HUD 1 with Title company name address & contact info incl. fax number, Buyer's name, Line 603 of the HUD-1 as $0.00, Line 504 should be NET to mortgage company, Line 505 should be negotiated payoff to 2nd, and lines 700-704 of HUD must have both agent names and license numbers.
- Earnest $$ check
-LOA
-Hardship letter
-Financial Analysis form
- Last 2 paystubs or P&L, last 2 tax returns, last 2 bank statements
This was new to me so I figured I would share.
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Equator will deny GMAC loans if the buyer does not provide last four of social and birthdate. Ridiculous! When you have a buyer putting $90K down on a $190K property, its plain dumb.
Does anyone know anyone in the GMAC/Equator who I can escalate to? Thanks much
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